The Shocking Truth About Credit Applications

The biggest barrier to establishing a credit line is the credit application itself.

In the fuel industry, it’s almost impossible to have an effective fuel-buying strategy without a well-established line of credit and terms with your supplier. A line of credit is critical, but actually establishing new credit with a supplier can be a challenge. We found that one of the biggest barriers is the actual credit application itself.

So we decided to do some research on why credit applications are so challenging and why everyone is afraid of them. We took a survey of 10 credit applications from some of the most popular fuel suppliers today and found some interesting results.

Our “Unofficial” Research on Fuel Industry Credit Apps

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Pages

The average amount of pages in the typical credit application. We found one app that was 25 pages long! Did you know that real-estate mortgage agreements back in the 70s were 2 pages long? Now they are 100s of pages. Seems like the Fuel Industry is followed suite.

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Complexity

Rating on a complexity chart of 1-10 (10 being the most complex). Most of the credit applications we researched required an attorney or a team of attorneys to translate.

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Minutes

Average time it takes to fill out the typical credit app. That’s just the amount of time to fill them out. Not to mention the trip to the post office or the haggling with the fax machine.

10%

Companies offered the option of filling out credit apps online. We do almost everything from our computers or phones these days, but most suppliers still don’t give us that option when it comes to credit apps.

40%

Suggested that apps be faxed or mailed instead of sent electronically. Yes, the fuel industry is still dependent on those frustrating fax machines.

We found that many of the credit applications we researched were very archaic forms that look copied and faxed multiple times. On top of that, most credit set-up packets required a personal guarantee, social security number and other personal information, a bank letter of credit, and dozens of unnecessary hoops to jump through.

No wonder most credit application packets sit on desks for days without being filled out!

Let’s face it, no one likes to fill out credit applications. Especially when they can be that incredibly cumbersome.

Desert Fuels is Refreshingly Different

We’ve Simplified the Credit Application

The best fuel suppliers make credit applications shockingly simple these days.

The Desert Fuels Account App is easy-to-read and easy-to-understand.

It takes only 8 minutes to complete and submit

Only 2 pages!

At Desert Fuels, 85% of our customers enjoy a credit line larger than their fuel purchasing needs and get approved within 3-5 business days.

We don’t ask for a personal guarantee and we won’t request your social security number or any personal information.

About the author

Dan Lewis

While better known for his versatility as an accomplished businessman, city councilor, community pastor, and recent candidate for the US Congress, Dan is passionate about the fuel industry - and Desert Fuels in particular—bolstering our team in the spring of 2012 to great acclamation. Inspired and inspiring, Dan enhances everything he works on, including our network of reliable fuel suppliers that he’s helping us grow nationwide. Honest, wise, and persistent, Dan is helping Desert Fuels revolutionize and simplify the way our industry does business.